iQIYI announces repurchase rights to March 30 for 2% convertibles

By Mary-Katherine Stinson

Lexington, Ky., Feb. 16 – iQIYI, Inc. announced repurchase rights for its 2% convertible senior notes due 2025 (Cusip: 46267XAD0), according to a press release.

As of Feb. 16, there was $1.2 billion of the notes outstanding.

The repurchase right begins at 9 a.m. ET on March 3 and ends at 5 p.m. ET on March 30. Holders may require the company to purchase all or a portion of their notes for cash.

Holders may withdraw their previously tendered notes any time prior to the expiration.

The notes will be repurchased at par plus any accrued interest on April 1. This is also the interest payment date under the notes indenture.

On April 3, which is the next succeeding business day following April 1, the company will pay accrued and unpaid interest on all of the notes through March 31 to all holders who were holders of record on March 15, regardless of whether the repurchase right is exercised.

On the repurchase date, there will be no outstanding interest on the notes.

Citicorp International Ltd. is the trustee.

Citibank NA is the paying agent.

iQIYI is a Beijing-based online entertainment service provider.

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